KNSL Kinsale Capital Group Inc

Kinsale Capital Group, Inc. (NYSE: KNSL) reported net income of $103.4 million, $4.43 per diluted share, for the fourth quarter of 2023 compared to $67.2 million, $2.90 per diluted share, for the fourth quarter of 2022. Net income was $308.1 million, $13.22 per diluted share, for the year ended December 31, 2023 compared to $159.1 million, $6.88 per diluted share, for the year ended December 31, 2022. For both the fourth quarters of 2023 and 2022, the impact on net income related to catastrophes was negligible. For the years ended December 31, 2023 and 2022, net income included after-tax catastrophe losses of $3.6 million and $21.0 million, respectively.

Net operating earnings(1) were $90.3 million, $3.87 per diluted share, for the fourth quarter of 2023 compared to $60.3 million, $2.60 per diluted share, for the fourth quarter of 2022. Net operating earnings(1) were $291.4 million, $12.50 per diluted share, for the year ended December 31, 2023 compared to $180.4 million, $7.80 per diluted share, for the year ended December 31, 2022.

Highlights for the fourth quarter of 2023 included:

• Net income increased by 53.7% compared to the fourth quarter of 2022

• Net operating earnings(1) of $90.3 million increased by 49.6% compared to the fourth quarter of 2022

• Gross written premiums increased by 33.8% to $395.2 million compared to the fourth quarter of 2022

• Net investment income increased by 71.2% to $30.4 million compared to the fourth quarter of 2022

• Underwriting income(2) was $84.8 million in the fourth quarter of 2023, resulting in a combined ratio(5) of 72.1%

Highlights for the full year of 2023 included:

• Net income increased by 93.6% compared to the full year of 2022

• Net operating earnings(1) of $291.4 million increased by 61.6% compared to the full year of 2022

• Gross written premiums increased by 42.3% to $1.6 billion compared to the full year of 2022

• Net investment income increased by 99.6% to $102.3 million compared to the full year of 2022

• Underwriting income(2) was $270.4 million for the year ended December 31, 2023, resulting in a combined(5) ratio of 75.4%

• Operating return on equity(7) was 31.8% for the year ended December 31, 2023

"We generated record growth and profitability in 2023 by executing our business plan and capitalizing on favorable E&S market conditions. These results demonstrate our ability to deliver exceptional shareholder returns as we continue to focus on disciplined underwriting and technology-enabled expense management. We are confident that the execution of our differentiated strategy provides an enduring competitive advantage," said Chief Executive Officer, Michael P. Kehoe.

Results of Operations

Underwriting Results

Gross written premiums were $395.2 million for the fourth quarter of 2023 compared to $295.5 million for the fourth quarter of 2022, an increase of 33.8%. Gross written premiums were $1.6 billion for the year ended December 31, 2023 compared to $1.1 billion for the year ended December 31, 2022, an increase of 42.3%. Growth in gross written premiums during the fourth quarter and year ended December 31, 2023 over the same periods last year reflected strong submission flow from brokers and a favorable pricing environment.

Underwriting income(2) was $84.8 million, resulting in a combined ratio of 72.1%, for the fourth quarter of 2023, compared to $59.5 million, and a combined ratio of 73.1% for the same period last year. The increase in underwriting income(2) for the fourth quarter of 2023 was due to a combination of premium growth, rate increases, favorable loss experience, lower net commissions and scale. Loss(3) and expense(4) ratios were 52.2% and 19.9%, respectively, for the fourth quarter of 2023 compared to 51.3% and 21.8% for the fourth quarter of 2022. Favorable development of reserves from prior accident years was $7.2 million, or 2.3 points, for the fourth quarter of 2023, and $7.0 million, or 3.2 points, for the fourth quarter of 2022.

Underwriting income(2) was $270.4 million, resulting in a combined ratio of 75.4%, for the year ended December 31, 2023, compared to $175.5 million, and a combined ratio of 78.5% for the prior year. The increase in underwriting income(2) for the year ended December 31, 2023 was due to a combination of premium growth, rate increases, favorable loss experience and lower net commissions. Loss(3) and expense(4) ratios were 54.6% and 20.8%, respectively, for the year ended December 31, 2023 compared to 56.3% and 22.2%, respectively, for the year ended December 31, 2022. The loss ratios included current accident year catastrophe losses of $4.6 million, or 0.4 points, for the year ended December 31, 2023 and $26.6 million, or 3.3 points, for the year ended December 31, 2022. Favorable development of reserves from prior accident years was $35.8 million, or 3.2 points, for the year ended December 31, 2023 and $35.9 million, or 4.4 points, for the year ended December 31, 2022.

Summary of Operating Results

The Company’s operating results for the three months and year ended December 31, 2023 and 2022 are summarized as follows:

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

2023

 

2022

 

2023

 

2022

 

($ in thousands)

Gross written premiums

$

395,216

 

 

$

295,467

 

 

$

1,568,815

 

 

$

1,102,092

 

Ceded written premiums

 

(88,937

)

 

 

(53,397

)

 

 

(304,185

)

 

 

(165,282

)

Net written premiums

$

306,279

 

 

$

242,070

 

 

$

1,264,630

 

 

$

936,810

 

 

 

 

 

 

 

 

 

Net earned premiums

$

296,831

 

 

$

216,140

 

 

$

1,072,537

 

 

$

794,119

 

Fee income

 

6,998

 

 

 

5,241

 

 

 

27,026

 

 

 

19,604

 

Losses and loss adjustment expenses

 

158,591

 

 

 

113,580

 

 

 

600,219

 

 

 

457,913

 

Underwriting, acquisition and insurance expenses

 

60,403

 

 

 

48,297

 

 

 

228,970

 

 

 

180,322

 

Underwriting income(2)

$

84,835

 

 

$

59,504

 

 

$

270,374

 

 

$

175,488

 

 

 

 

 

 

 

 

 

Loss ratio(3)

 

52.2

%

 

 

51.3

%

 

 

54.6

%

 

 

56.3

%

Expense ratio(4)

 

19.9

%

 

 

21.8

%

 

 

20.8

%

 

 

22.2

%

Combined ratio(5)

 

72.1

%

 

 

73.1

%

 

 

75.4

%

 

 

78.5

%

 

 

 

 

 

 

 

 

Annualized return on equity(6)

 

41.1

%

 

 

39.4

%

 

 

33.6

%

 

 

22.0

%

Annualized operating return on equity(7)

 

35.9

%

 

 

35.4

%

 

 

31.8

%

 

 

25.0

%

(1)

 

Net operating earnings is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.

(2)

 

Underwriting income is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.

(3)

 

Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses to the sum of net earned premiums and fee income. Prior periods have been revised to conform to the current period's presentation.

(4)

 

Expense ratio, expressed as a percentage, is the ratio of underwriting, acquisition and insurance expenses to the sum of net earned premiums and fee income. Prior periods have been revised to conform to the current period's presentation.

(5)

 

The combined ratio is the sum of the loss ratio and expense ratio as presented. Calculations of each component may not add due to rounding. Prior periods have been revised to conform to the current period's presentation.

(6)

 

Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

(7)

 

Annualized operating return on equity is net operating earnings (a non-GAAP financial measure) expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

The following tables summarize losses incurred for the current accident year and the development of prior accident years for the three months and year ended December 31, 2023 and 2022:

 

Three Months Ended

December 31, 2023

 

Three Months Ended

December 31, 2022

 

Losses and

Loss

Adjustment

Expenses

 

% of Sum of

Earned

Premiums and

Fee Income

 

Losses and

Loss

Adjustment

Expenses

 

% of Sum of

Earned

Premiums and

Fee Income

Loss ratio:

($ in thousands)

Current accident year

$

165,351

 

 

54.4

%

 

$

120,212

 

 

54.3

%

Current accident year - catastrophe losses

 

407

 

 

0.1

%

 

 

405

 

 

0.2

%

Effect of prior accident year development

 

(7,167

)

 

(2.3

)%

 

 

(7,037

)

 

(3.2

)%

Total

$

158,591

 

 

52.2

%

 

$

113,580

 

 

51.3

%

 

Year Ended

December 31, 2023

 

Year Ended

December 31, 2022

 

Losses and

Loss

Adjustment

Expenses

 

% of Sum of

Earned

Premiums and

Fee Income

 

Losses and

Loss

Adjustment

Expenses

 

% of Sum of

Earned

Premiums and

Fee Income

Loss ratio:

($ in thousands)

Current accident year

$

631,407

 

 

57.4

%

 

$

467,182

 

 

57.4

%

Current accident year - catastrophe losses

 

4,586

 

 

0.4

%

 

 

26,618

 

 

3.3

%

Effect of prior accident year development

 

(35,774

)

 

(3.2

)%

 

 

(35,887

)

 

(4.4

)%

Total

$

600,219

 

 

54.6

%

 

$

457,913

 

 

56.3

%

Investment Results

Net investment income was $30.4 million in the fourth quarter of 2023 compared to $17.7 million in the fourth quarter of 2022, an increase of 71.2%. Net investment income was $102.3 million for the full year of 2023 compared to $51.3 million for the full year of 2022, and increase of 99.6%. These increases were driven by growth in the Company's investment portfolio generated primarily from the investment of strong operating cash flows since December 31, 2022 and higher interest rates relative to the prior year periods. Net operating cash flows were $859.8 million for the full year of 2023 compared to $557.8 million for the full year of 2022, an increase of 54.1%. The Company’s investment portfolio, excluding cash and cash equivalents, had a gross investment return(8) of 4.0% for the year ended December 31, 2023 compared to 3.0% for the year ended December 31, 2022. Funds are generally invested conservatively in high quality securities, including government agency, asset- and mortgage-backed securities, and municipal and corporate bonds with an average credit quality of "AA-." The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 2.8 years and 3.5 years at December 31, 2023 and 2022, respectively. Cash and invested assets totaled $3.1 billion at December 31, 2023 compared to $2.2 billion at December 31, 2022.

(8)

Gross investment return is investment income from fixed-maturity and equity securities (and short-term investments, if any), before any deductions for fees and expenses, expressed as a percentage of average beginning and ending book values of those investments during the period.

Other

The effective tax rate for the year ended December 31, 2023 was 19.8%. The effective tax rate was lower than the federal statutory rate primarily due to the tax benefits from stock-based compensation and tax-exempt investment income.

Stockholders' equity was $1.1 billion at December 31, 2023, compared to $745.4 million at December 31, 2022. Book value per share was $46.88 at December 31, 2023 compared to $32.28 at December 31, 2022. Operating return on equity was 31.8% for the full year of 2023, an increase from 25.0% for the full year of 2022. This increase was primarily due to continued profitable growth from favorable E&S market conditions and rate increases.

Beginning in the second quarter of 2023, the Company reclassified policy fees to fee income and modified the definition of the loss and expense ratios to include fee income in the denominator of each ratio. Historically, these fees were presented as a reduction to underwriting, acquisition and insurance expenses. The Company has reclassified prior periods' results to conform to the current period's presentation.

Non-GAAP Financial Measures

Net Operating Earnings

Net operating earnings is defined as net income excluding the effects of the change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and the change in allowance for credit losses on investments, after taxes. Management believes the exclusion of these items provides a useful comparison of the Company's underlying business performance from period to period. Net operating earnings and percentages or calculations using net operating earnings (e.g., diluted operating earnings per share and annualized operating return on equity) are non-GAAP financial measures. Net operating earnings should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define net operating earnings differently.

For the three months and year ended December 31, 2023 and 2022, net income and diluted earnings per share reconcile to net operating earnings and diluted operating earnings per share as follows:

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2023

 

2022

 

2023

 

2022

 

 

($ in thousands, except per share data)

Net operating earnings:

 

 

 

 

 

 

 

 

Net income

 

$

103,387

 

 

$

67,249

 

 

$

308,093

 

 

$

159,114

 

Adjustments:

 

 

 

 

 

 

 

 

Change in the fair value of equity securities, before taxes

 

 

(11,481

)

 

 

(9,476

)

 

 

(15,277

)

 

 

27,723

 

Income tax expense (benefit) (1)

 

 

2,411

 

 

 

1,990

 

 

 

3,208

 

 

 

(5,822

)

Change in fair value of equity securities, after taxes

 

 

(9,070

)

 

 

(7,486

)

 

 

(12,069

)

 

 

21,901

 

 

 

 

 

 

 

 

 

 

Net realized investment (gains) losses, before taxes

 

 

(5,127

)

 

 

344

 

 

 

(6,040

)

 

 

(1,191

)

Income tax expense (benefit) (1)

 

 

1,077

 

 

 

(72

)

 

 

1,268

 

 

 

250

 

Net realized investment (gains) losses, after taxes

 

 

(4,050

)

 

 

272

 

 

 

(4,772

)

 

 

(941

)

 

 

 

 

 

 

 

 

 

Change in allowance for credit losses on investments, before taxes

 

 

(12

)

 

 

366

 

 

 

187

 

 

 

366

 

Income tax (benefit) expense (1)

 

 

3

 

 

 

(77

)

 

 

(39

)

 

 

(77

)

Change in allowance for credit losses on investments, after taxes

 

 

(9

)

 

 

289

 

 

 

148

 

 

 

289

 

Net operating earnings

 

$

90,258

 

 

$

60,324

 

 

$

291,400

 

 

$

180,363

 

 

 

 

 

 

 

 

 

 

Diluted operating earnings per share:

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

4.43

 

 

$

2.90

 

 

$

13.22

 

 

$

6.88

 

Change in fair value of equity securities, after taxes, per share

 

 

(0.39

)

 

 

(0.32

)

 

 

(0.52

)

 

 

0.95

 

Net realized investment (gains) losses, after taxes, per share

 

 

(0.17

)

 

 

0.01

 

 

 

(0.20

)

 

 

(0.04

)

Change in allowance for credit losses on investments, after taxes, per share

 

 

—

 

 

 

0.01

 

 

 

0.01

 

 

 

0.01

 

Diluted operating earnings per share(2)

 

$

3.87

 

 

$

2.60

 

 

$

12.50

 

 

$

7.80

 

 

 

 

 

 

 

 

 

 

Operating return on equity:

 

 

 

 

 

 

 

 

Average equity(3)

 

$

1,005,297

 

 

$

682,452

 

 

$

916,141

 

 

$

722,392

 

Annualized return on equity(4)

 

 

41.1

%

 

 

39.4

%

 

 

33.6

%

 

 

22.0

%

Annualized operating return on equity(5)

 

 

35.9

%

 

 

35.4

%

 

 

31.8

%

 

 

25.0

%

(1)

 

Income taxes on adjustments to reconcile net income to net operating earnings use a 21% effective tax rate.

(2)

 

Diluted operating earnings per share may not add due to rounding.

(3)

 

Average equity is computed by adding the total stockholders' equity as of the date indicated to the prior quarter-end or year-end total, as applicable, and dividing by two.

(4)

 

Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

(5)

 

Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

Underwriting Income

Underwriting income is defined as net income excluding net investment income, the change in the fair value of equity securities, net realized investment gains and losses, the change in allowance for credit losses on investments, interest expense, other expenses, other income and income tax expense. The Company uses underwriting income as an internal performance measure in the management of its operations because the Company believes it gives management and users of the Company's financial information useful insight into the Company's results of operations and underlying business performance. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.

For the three months and year ended December 31, 2023 and 2022, net income reconciles to underwriting income as follows:

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2023

 

2022

 

2023

 

2022

 

 

(in thousands)

Net income

 

$

103,387

 

 

$

67,249

 

 

$

308,093

 

 

$

159,114

 

Income tax expense

 

 

26,634

 

 

 

16,901

 

 

 

75,924

 

 

 

36,450

 

Income before income taxes

 

 

130,021

 

 

 

84,150

 

 

 

384,017

 

 

 

195,564

 

Net investment income

 

 

(30,382

)

 

 

(17,742

)

 

 

(102,335

)

 

 

(51,282

)

Change in fair value of equity securities

 

 

(11,481

)

 

 

(9,476

)

 

 

(15,277

)

 

 

27,723

 

Net realized investment (gains) losses

 

 

(5,127

)

 

 

344

 

 

 

(6,040

)

 

 

(1,191

)

Change in allowance for credit losses on investments

 

 

(12

)

 

 

366

 

 

 

187

 

 

 

366

 

Interest expense

 

 

2,434

 

 

 

1,978

 

 

 

10,301

 

 

 

4,284

 

Other expenses (6)

 

 

(278

)

 

 

200

 

 

 

942

 

 

 

721

 

Other income

 

 

(340

)

 

 

(316

)

 

 

(1,421

)

 

 

(697

)

Underwriting income

 

$

84,835

 

 

$

59,504

 

 

$

270,374

 

 

$

175,488

 

(6)

Other expenses are corporate expenses not allocated to the Company's insurance operations.

Conference Call

Kinsale Capital Group will hold a conference call to discuss this press release on Friday, February 16, 2024, at 9:00 a.m. (Eastern Time). Members of the public may access the conference call by dialing (888) 660-6493, conference ID# 3573726, or via the Internet by going to www.kinsalecapitalgroup.com and clicking on the "Investor Relations" link. A replay of the call will be available on the website until the close of business on March 15, 2024.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "believes," "seeks," "outlook," "future," "will," "would," "should," "could," "may," "can have," "prospects" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company's actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company's estimates; adverse economic factors; a decline in the Company's financial strength rating; loss of one or more key executives; loss of a group of brokers that generate significant portions of the Company's business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company's investment portfolio; adverse market conditions that affect its excess and surplus lines insurance operations; and other risks described in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About Kinsale Capital Group, Inc.

Kinsale Capital Group, Inc. is a specialty insurance group headquartered in Richmond, Virginia, focusing on the excess and surplus lines market.

 

KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Unaudited Consolidated Statements of Income and Comprehensive Income

 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2023

 

2022

 

2023

 

2022

Revenues

 

(in thousands, except per share data)

Gross written premiums

 

$

395,216

 

 

$

295,467

 

 

$

1,568,815

 

 

$

1,102,092

 

Ceded written premiums

 

 

(88,937

)

 

 

(53,397

)

 

 

(304,185

)

 

 

(165,282

)

Net written premiums

 

 

306,279

 

 

 

242,070

 

 

 

1,264,630

 

 

 

936,810

 

Change in unearned premiums

 

 

(9,448

)

 

 

(25,930

)

 

 

(192,093

)

 

 

(142,691

)

Net earned premiums

 

 

296,831

 

 

 

216,140

 

 

 

1,072,537

 

 

 

794,119

 

Fee income

 

 

6,998

 

 

 

5,241

 

 

 

27,026

 

 

 

19,604

 

Net investment income

 

 

30,382

 

 

 

17,742

 

 

 

102,335

 

 

 

51,282

 

Change in fair value of equity securities

 

 

11,481

 

 

 

9,476

 

 

 

15,277

 

 

 

(27,723

)

Net realized investment gains (losses)

 

 

5,127

 

 

 

(344

)

 

 

6,040

 

 

 

1,191

 

Change in allowance for credit losses on investments

 

 

12

 

 

 

(366

)

 

 

(187

)

 

 

(366

)

Other income

 

 

340

 

 

 

316

 

 

 

1,421

 

 

 

697

 

Total revenues

 

 

351,171

 

 

 

248,205

 

 

 

1,224,449

 

 

 

838,804

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

158,591

 

 

 

113,580

 

 

 

600,219

 

 

 

457,913

 

Underwriting, acquisition and insurance expenses

 

 

60,403

 

 

 

48,297

 

 

 

228,970

 

 

 

180,322

 

Interest expense

 

 

2,434

 

 

 

1,978

 

 

 

10,301

 

 

 

4,284

 

Other expenses

 

 

(278

)

 

 

200

 

 

 

942

 

 

 

721

 

Total expenses

 

 

221,150

 

 

 

164,055

 

 

 

840,432

 

 

 

643,240

 

Income before income taxes

 

 

130,021

 

 

 

84,150

 

 

 

384,017

 

 

 

195,564

 

Income tax expense

 

 

26,634

 

 

 

16,901

 

 

 

75,924

 

 

 

36,450

 

Net income

 

 

103,387

 

 

 

67,249

 

 

 

308,093

 

 

 

159,114

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

Change in unrealized gains (losses) on available-for-sale investments, net of taxes

 

 

60,410

 

 

 

12,421

 

 

 

40,301

 

 

 

(153,043

)

Total comprehensive income

 

$

163,797

 

 

$

79,670

 

 

$

348,394

 

 

$

6,071

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

4.48

 

 

$

2.94

 

 

$

13.37

 

 

$

6.97

 

Diluted

 

$

4.43

 

 

$

2.90

 

 

$

13.22

 

 

$

6.88

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

23,071

 

 

 

22,909

 

 

 

23,045

 

 

 

22,815

 

Diluted

 

 

23,320

 

 

 

23,208

 

 

 

23,307

 

 

 

23,125

 

 

 

KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

 

 

 

December 31, 2023

 

December 31, 2022

 

 

(in thousands)

Assets

 

 

 

 

Investments:

 

 

 

 

Fixed-maturity securities at fair value

 

$

2,711,759

 

$

1,760,100

Equity securities at fair value

 

 

234,813

 

 

152,471

Real estate investments, net

 

 

14,791

 

 

76,387

Short-term investments

 

 

5,589

 

 

41,337

Total investments

 

 

2,966,952

 

 

2,030,295

 

 

 

 

 

Cash and cash equivalents

 

 

126,694

 

 

156,274

Investment income due and accrued

 

 

21,689

 

 

14,451

Premiums receivable, net

 

 

143,212

 

 

105,754

Reinsurance recoverables, net

 

 

247,836

 

 

220,454

Ceded unearned premiums

 

 

52,516

 

 

42,935

Deferred policy acquisition costs, net of ceding commissions

 

 

88,395

 

 

61,594

Indefinite-lived intangible assets

 

 

3,538

 

 

3,538

Deferred income tax asset, net

 

 

55,699

 

 

56,983

Other assets

 

 

66,443

 

 

54,844

Total assets

 

$

3,772,974

 

$

2,747,122

 

 

 

 

 

Liabilities & Stockholders' Equity

 

 

 

 

Liabilities:

 

 

 

 

Reserves for unpaid losses and loss adjustment expenses

 

$

1,692,875

 

$

1,238,402

Unearned premiums

 

 

701,351

 

 

499,677

Payable to reinsurers

 

 

47,582

 

 

32,024

Accounts payable and accrued expenses

 

 

44,922

 

 

31,361

Debt

 

 

183,846

 

 

195,747

Other liabilities

 

 

15,566

 

 

4,462

Total liabilities

 

 

2,686,142

 

 

2,001,673

 

 

 

 

 

Stockholders' equity

 

 

1,086,832

 

 

745,449

Total liabilities and stockholders' equity

 

$

3,772,974

 

$

2,747,122

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240215300029/en/

Kinsale Capital Group, Inc. Bryan Petrucelli Executive Vice President, Chief Financial Officer and Treasurer 804-289-1272 ir@kinsalecapitalgroup.com